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General Catalyst, KPCB lead weighty Series A for ZenPayroll

19 Feb 2014

dollar envelope moneyGeneral Catalyst Partners and Kleiner Perkins Caufield & Byers have led a $20m first round of funding for cloud-based payroll services provider ZenPayroll.

The significantly-sized Series A round comes two years after the company received a hefty $6.1m in seed funding from individuals including Drew Houston and Aaron Levie from Dropbox and Box respectively.

ZenPayroll chief executive Joshua Reeves said his company employs fewer than 30 people but was on track to process $400m in annual payroll for businesses ranging from bakeries to law firms.

Reeves said that although large enterprises turn to established payroll software like ADP, many small companies still use pen-and-paper to keep track of payroll.

He added, “Our belief that we could do it all in software. Software is more accurate than humans.”

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